ATHENS, GREECE, April 5, 2012 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that it has entered into a time charter contract with STX Panocean Co., Ltd., Seoul, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v “Mining Star” (to be renamed “Melia”), at a gross charter rate of US$10, 900 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence upon delivery of the vessel to the Company.
As previously announced on March 30, 2012, the above mentioned vessel is a 2005 built Panamax dry bulk carrier of 76, 225 dwt that the Company entered into an agreement to purchase in March 2012. The vessel is expected to be delivered to the Company by the sellers in mid-April 2012.
This employment is anticipated to generate approximately US$3.6 million of gross revenue for the minimum scheduled period of the charter.
Currently Diana Shipping Inc’s fleet consists of 26 dry bulk carriers (16 Panamax vessels, 8 Capesize vessels, 1 Post-Panamax vessel and 1 Newcastlemax vessel), as well as 1 new building Newcastlemax vessel expected to be delivered to the Company during the second quarter of 2012 and 2 new building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of Diana Shipping Inc’s current fleet, excluding the four vessels not yet delivered, is 2.9 million dwt with a weighted average age of 6 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com.
About the Company
Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.